Lean on the banks

Banks have created their own rules since deregulation. Now they have come whining to the government because their unfettered wickedness brought them troubles they couldn't solve. Since the government is rescuing these miscreants, it may modify their policies. Regulating their credit card business is a good place to start.

The irresponsible ways that banks ran credit card subsidiaries has cost them. Banks issued cards to the unemployed, dead, children, convicts, pets and people who neither understood credit nor could pay their debts.

To recoup losses that their poor practices created, banks have adopted legal extortion. They insert artificial, unwarranted debt in the accounts of solvent patrons. They move credit card centers to states that allow usurious rates, then raise interest rates to unreasonable levels. They shorten the period between when a bill is mailed and when payment's due to encourage late payment, then increase late fees.

The banking industry is now the government's ward. If banks are allowed to remedy their malfeasance on the backs of consumers, many will go bankrupt and many others will avoid spending. These consequences are evil and counterproductive to fixing the economy.